The biggest withdrawn IPO was Arqiva. Group's £1.5 billion flotation, with the company stating that, âIPO market unce
An Acuris Company A unique look at UK ECM activity in 2017.
February 2018
ECMi Report 2017
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ECMi Report 2017
Introduction
Welcome to Perfect Information’s ECM Insight (“ECMi”) market analysis report for 2017. This report takes a unique look at UK ECM activity and examines the factors that have shaped market behaviour during the year. The information contained within is based solely on UK markets, providing a more in-depth examination than similar reviews focused on EMEA. Anastasios Beglitis Head of ECM Insight
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This analysis provides a general overview of market activity during the period before delving into some of the more interesting and noteworthy trends that have developed. In particular, this report looks at IPOs, secondary offerings, sector trends and carries out a thorough investigation of underwriting and banking fees. We have provided our own UK centric league tables for banks, legal advisers, financial advisers, reporting accountants and financial PR firms, as sorted by volume and value. We also take a closer look at the performance of investment banks and law firms compared to their 2016 statistics.
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ECMi Report 2017
Contents
3
A unique look at UK ECM activity throughout 2017.
Edited by Anastasios Beglitis, Head of ECM Insight
ECM Insight & Report Methodology 04
Fees 25
2017 Market Overview 05
Average Commission Breakdown
26
ECM 2017 Highlights
06
Average Discretionary Commission Breakdown
27
ECM 2017 Summary
07
Average Commission
28
Top ECM Deals in 2017
08
Fee Disclosure
29
Deals per Quarter
09
League Tables 2017 30
Total Value
10
Banks 31
AIM and Main Market
11
Banks AIM
32
Syndicate Size Analysis
12
Banks IPO
33
Sector Analysis Summary
14
Legal Advisers
34
Sector Analysis
15
Legal Advisers AIM
35
AIM Sector Analysis
16
Legal Advisers IPO
36
IPOs 17
Financial Advisers
37
IPO Summary
18
Reporting Accountants
38
Top 5 IPOs & UK IPO Breakdown
19
Financial PR FIrms
39
IPOs per Quarter
20
Criteria
40
IPO Syndicate Size Analysis
21
Q4 Cancellations
23
IPO Sector Analysis
24
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Contacts
41
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ECMi Report 2017
ECM Insight & Report Methodology
ECM Insight
Report Methodology
ECMi delivers fully verified ECM practice information to our end users in minutes. Users can perform a detailed analysis of all completed and lapsed £20m+ primary and secondary deals on the London Stock Exchange’s markets since the 1st of January 2008, and extract salient information relating to over 400 data points. Since 1st January 2017, ECMi covers all UK transactions of £5 million and above, with the dataset now going back to 1st January 2016. All of the data on which this report is based is sourced from official transactional documentation that is instantly verifiable through ECMi’s database at the click of a button.
This report sources its data from extracted and fully verified information as published in prospectuses, admission documents, circulars, accounts and RIS notices. All graphs, charts and tables contained within can be recreated by anyone who has access to the ECMi database. The only external sources that have been used are referenced within the document and relate to historical share pricing and index and transaction values.
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ECMi Report 2017
2017 Market Overview
A general overview of market activity in the UK in 2017.
2017 Market Overview
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ECMi Report 2017
2017 Market Overview ECM 2017 Highlights
ECM 2017 Highlights
Numis, Rothschild, PwC and FTI Consulting repeat their 2016 success by topping their respective League Tables for Volume.
Company
Notes
Largest IPO
En+ Group plc
£1,142 million - October
Largest Deal
Banco Santander, S.A.
£6,210 million rights issue - July
Top Sector
Financials
35.38% of total ECM Deals
Busiest Month
March
12.53% of total ECM Deals
Adviser
Volume Highlights
Numis Securities
Led the UK ECM Senior Bookrunner rankings
Cenkos Securities
Led the UK ECM Senior Bookrunner rankings - AIM
Citigroup
Led the UK ECM Senior Bookrunner rankings - IPO
Gowling WLG
Led the UK ECM Legal Adviser rankings
Fieldfisher
Led the UK ECM Legal Adviser rankings - AIM
CMS Cameron McKenna Nabarro Olswang/Gowling WLG
Led the UK ECM Legal Adviser rankings - IPO
N M Rothschild & Sons
Led the UK ECM Financial Adviser rankings
PricewaterhouseCoopers
Led the UK ECM Reporting Accountant rankings
FTI Consulting
Led the UK ECM Financial PR rankings
Adviser
Value Highlights
Numis Securities
Led the UK ECM Senior Bookrunner rankings
Cenkos Securities
Led the UK ECM Senior Bookrunner rankings - AIM
Citigroup
Led the UK ECM Senior Bookrunner rankings - IPO
Linklaters
Led the UK ECM Legal Adviser rankings
CMS Cameron McKenna Nabarro Olswang
Led the UK ECM Legal Adviser rankings - AIM
Norton Rose Fulbright
Led the UK ECM Legal Adviser rankings - IPO
N M Rothschild & Sons
Led the UK ECM Financial Adviser rankings
PricewaterhouseCoopers
Led the UK ECM Reporting Accountant rankings
FTI Consulting
Led the UK ECM Financial PR rankings
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ECMi Report 2017
2017 Market Overview ECM 2017 Summary
ECM 2017 Summary
One year has gone by since eccentric US president Donald Trump came into power and the first months of his tenure were anything but dull. Extreme and unsupported views relating to climate change and an increasingly fractious rhetoric with North Korea were just some of the highlights. In the world of financial markets though, 2017 was a year of resounding success, confidence and…bitcoin. The latter dominated headlines in the second half of the year, with numerous banking executives vocalising their fears about its credibility and lack of regulatory framework. The rollercoaster reached an all-time high of over $19,500 in December, with the Chicago Board Options Exchange and the CME Group offering investors futures on the cryptocurrency.
In the UK, Brexit talks continued at a sluggish pace, but there was nothing sluggish about UK markets in 2017. The FTSE 100 and the more UK-focused FTSE 250 closed 2017 in spectacular fashion both having recorded all-time highs. The former gained as much as £141 billion in 2017, whilst the latter, which initially crossed the 20,000 threshold in June, achieved a fresh high of over 20,700. In the US the S&P 500 gained 19.40% and in Germany the Dax rose by 28.21% over the year. This bull market is now the second longest ever; how much further can it run?
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There were 77 new listings in the UK in 2017, up 45.28% compared to 2016. Total deal volume increased by 22.96% with value increasing by 59.13%; almost £17.3 billion extra was raised in 2017 than 2016.
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ECMi Report 2017
2017 Market Overview Top ECM Deals in 2017
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Top ECM Deals in 2017
Banco Santander’s £6.2 billion rights issue is the largest ECM deal since the Lloyd’s rights issue in 2009.
Top 5 UK Deals Rank
1
Company
Transaction Size
Offer Type
Announcement Date
Banco Santander, S.A.
£6,209,876,910
Rights issue
04 July 2017
2
Allied Irish Banks, p.l.c.
£2,586,020,582
Introduction, placing (sale) and intermediaries offer
30 May 2017
3
Cineworld Group plc
£1,700,000,000
Rights issue
05 December 2017
4
En+ Group plc
£1,141,639,403
IPO, placing and placing (sale)
05 October 2017
5
ConvaTec Group Plc
£975,000,000
ABB (sale)
28 March 2017
Company
Transaction Size
Offer Type
Announcement Date
Top 5 AIM Deals Rank
1
Eddie Stobart Logistics plc
£392,869,054
IPO, placing and placing (sale)
23 March 2017
2
Globalworth Real Estate Investments Limited
£304,686,801
Placing
14 November 2017
3
Greencoat Renewables Plc
£236,323,851
IPO and placing
19 June 2017
4
Hurricane Energy plc
£233,991,108
ABB
29 June 2017
5
CityFibre Infrastructure Holdings plc
£201,838,350
Firm placing, ABB and public offer
05 July 2017
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ECMi Report 2017
2017 Market Overview Deals per Quarter
9
Deals per Quarter
Quarterly Growth Q3 2017, was the first quarter since Q3 2016 where the deal volume fell compared to its previous growth over the period.
Deals per Quarter
118
120
114
102
102
100 90
Number of Deals
80
74
73
65 60
40
20
0
2016 perfectinfo.com
Q1
2017
Q2
Q3
Q4
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ECMi Report 2017
2017 Market Overview Total Value
Total Value (£m)
£50,000
£45,000
£40,000
£35,000
Total Value (£m)
£30,000
£46,569
£25,000
£20,000
£15,000 £29,265 £10,000
£5,000
0 2016
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2017
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ECMi Report 2017
2017 Market Overview AIM and Main Market
AIM and Main Market
Market Analysis
Cashbox Decline Continues
Under every single measure of performance this report collates, the London Stock Exchange (“LSE”) has had a triumphant year. Both the main market and AIM have seen a sizeable increase in deal volume in 2017, recording 30 and 46 additional deals respectively. Transaction value over the year has increased dramatically. Companies listed on the primary market of the LSE have raised an additional £14.86 billion, whilst issuers listed on its junior counterpart have raised a further £2.44 billion compared to 2016; an increase of 60.69% and 51.14% respectively. Averages and medians in both markets have grown, reflecting an appetite on behalf of issuers to take advantage of favourable market conditions and high valuations.
Following the Pre-Emption Group’s publication of a revised statement of principles on 12th March 2015, the use of cashbox structures to raise funds whilst avoiding pre-emption rights has continued to fall. From the 10 deals that were constructed as a cashbox in 2016 (3.02% of total deal volume), only 7 firms used this strategy in 2017 (2.11% of total deal volume).
AIM repeated its performance from 2016 by having higher volumes than main, accounting for 53.07% of all deals. Helped by the Banco Santander rights issue, the main market accounted for 84.49% of total deal value, roughly similar to the 83.67% in 2016.
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ECMi Report 2017
2017 Market Overview Syndicate Size Analysis
12
Syndicate Size Analysis
Syndicate Size Whilst total deal volume increased significantly in 2017, so did average deal size. Across all markets, average deal value increased from £88.41 million to £114.42 million. Syndicate size has increased slightly, from an
Syndicate Size Analysis 2016 / 2017
70.00%
66.47% 62.65%
60.00%
% of Deals
50.00%
40.00%
27.76%
30.00% 23.87% 20.00%
10.0%
0
1
2
3 Syndicate Size
2016 perfectinfo.com
6.14%
5.44%
2017
4.23%
3.44%
4+
average of 1.66 banks per deal last year to 1.74 banks in 2017, with the maximum number of bookrunners appointed being twenty by Banco Santander on its £6.2 billion rights issue in July.
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ECMi Report 2017
2017 Market Overview Syndicate Size Analysis
13
Syndicate Size Analysis
Average Syndicate Size by Deal Value 2016 / 2017
7.00 6.07 6.00
Syndicate Size
5.00
4.00
3.55 3.00
3.00 2.41 1.93
2.00 1.35
1.47 1.25
1.45
1.43
1.53
1.61
1.61
1.81
1.00
0.00
£5-10
£10-20
£20-50
£50-100 Deal Value (£m)
2016 perfectinfo.com
2017
£100-250
£250-500
£500+
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ECMi Report 2017
2017 Market Overview Sector Analysis
Sector Analysis
Sector Analysis 2016 / 2017
AIM Sector Analysis 2016 / 2017
see page 15
see page 16
Once again, the leading sector in 2017 was Financials, accounting for over a third of the total number of deals on the LSE (35.38%). The other two sectors with prominent increases were Consumer Goods (+18.29%) and Industrials (+1.21%). All other sectors recorded a fall from 2016 with noteworthy declines in Utilities (-59.34%), Oil & Gas (-26.54%) and Technology (-13.74%).
AIM recorded a similar performance to 2016, with a roughly even split between the top eight industries. The gap between these sectors continues to fall; in 2016, the difference between Consumer Goods in 8th place and Technology in 1st, was only 8.82%, whereas this year the gap has been reduced to 7.41% (8th Consumer Goods: 7.87%, 1st Industrials: 15.28%). Industrials was the year’s darling, rising from 7th place in 2016 to 1st in 2017, with a 73.15% increase in deal volume. This positive shift was balanced by negative figures in Oil & Gas (-24.44%), Basic Materials (-13.01%), Technology (-12.86%) and Health Care (-11.46%).
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ECMi Report 2017
2017 Market Overview Sector Analysis 2016 / 2017
2016 UK Sector Breakdown
* Telecommunications - 0.30% Utilities - 0.60%
15
2017 UK Sector Breakdown
8.60%
9.37%
9.97%
* Telecommunications - 0.74% Utilities - 0.25%
6.88% 6.63%
6.65%
30.82% 13.76% 13.60% 35.38%
7.86% 6.65%
7.86% 8.76%
0.90%
0.99% 12.04%
13.29%
Oil & Gas
Basic Materials
Industrials
Oil & Gas
Basic Materials
Industrials
Consumer Goods
Health Care
Consumer Services
Consumer Goods
Health Care
Consumer Services
Other*
Financials
Technology
Other*
Financials
Technology
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ECMi Report 2017
2016 UK AIM Sector Breakdown
2017 Market Overview AIM Sector Analysis 2016 / 2017
* Telecommunications - 0.59% Utilities - 0.59%
16
2017 UK AIM Sector Breakdown
14.71%
16.46%
* Telecommunications - 1.39% Utilities - 0.00%
11.11%
16.47%
9.72%
11.18% 13.53%
14.81%
15.28% 8.82%
1.18%
1.39%
12.96% 12.35%
7.65% 7.87% 14.12%
12.50%
Oil & Gas
Basic Materials
Industrials
Oil & Gas
Basic Materials
Industrials
Consumer Goods
Health Care
Consumer Services
Consumer Goods
Health Care
Consumer Services
Other*
Financials
Technology
Other*
Financials
Technology
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ECMi Report 2017
IPOs
An in-depth look at IPOs in 2017.
IPOs
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ECMi Report 2017
IPOs
IPOs
IPO Boom In 2017, the LSE recorded one of its best performing years this decade both in terms of new listings and the amount of money raised. There was an impressive 73 successful IPOs in 2017 compared to only 48 in 2016, a 52.08% increase. This increase was driven by investment funds, SPACs, real estate companies as well as several international firms. These 73 flotations raised a total of £11.25 billion, a tremendous 109.56% increase compared to the £5.37 billion raised in 2016. The increase in IPO transaction value can partly be explained by the marked increase in the volume of main market listings. Main market IPOs rose from 15 in 2016 to 38 in 2017; a 153.33% increase, whilst the respective increase on AIM was only 6.06%. In terms of value, main market flotations were responsible for 81.37% of the total raised in the UK IPO market. Out of the top five IPOs of 2017, four were announced during the final quarter of the year. Interestingly, the four largest IPOs were by foreign companies, incorporated in Jersey, the British Virgin Islands, Guernsey and Ireland respectively. There were also several companies that pulled their flotations (either in early 2017 or late 2016) that successfully listed in 2017; investing company Tufton Oceanic Assets and global manufacturer of perfectinfo.com
fluid storage, TI Fluid Systems, joined the main market by raising £91 million and £406 million respectively. In the highly unusual case of Bakkavor Group’s IPO, only one week after the company announced its decision to pull its flotation, the company announced it had successfully priced its offering to raise £100 million, thus resurrecting its IPO.
Sector Analysis see page 24 2017’s extraordinary IPO performance can be credited to investing companies, special purpose acquisition vehicles and real estate investment companies, which all form part of the Financials sector; Financials accounted for 47.95% of all IPO volume in 2017 (2016: 27.08%). Health Care, Oil & Gas and Technology underperformed in comparison with their 2016 performance (Health Care: -71.82%, Oil & Gas: -67.12%, Technology: -56.16%).
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ECMi Report 2017
IPOs Top 5 IPOs & UK IPO Breakdown
19
Top 5 IPOs & UK IPO Breakdown
Top 5 IPOs Rank
Company
Transaction Size
Announcement Date
1
En+ Group plc
£1,141,639,403
05 October 2017
2
J2 Acquisition Limited
£951,366,162
05 October 2017
3
Sherborne Investors (Guernsey) C Limited
£700,000,000
05 July 2017
4
Glenveagh Properties PLC
£488,262,176
02 October 2017
5
ContourGlobal plc
£474,292,850
12 October 2017
UK IPOs 2016
2017
% Change
Main Market*
AIM
Main Market*
AIM
Main Market*
AIM
Total Volume
15
33
38
35
153.33%
6.06%
Total Value
£4,279
£1,091
£9,158
£2,097
114.00%
92.15%
Average (£m)
£285
£33
£241
£60
-15.53%
81.17%
Median (£m)
£181
£20
£170
£32
-6.27%
60.95%
Volume/Value Breakdown 2016
2017
Main Market*
AIM
Main Market*
AIM
Volume Breakdown
31.25%
68.75%
52.05%
47.95%
Value Breakdown
79.68%
20.32%
81.37%
18.63% *SFM as part of Main Market
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IPOs IPOs per Quarter
20
IPOs per Quarter
An International Stock Exchange Amidst the debate over the attractiveness of the UK following its likely departure from the EU, the LSE has seen a rise in new listings from non-UK incorporated companies
Deals per Quarter
25
24
20 20
16 Number of Deals
15
15
15
14 13
10
5
0
2016 perfectinfo.com
4
Q1
2017
Q2
Q3
Q4
from just 3 in 2016, to 10 in 2017. These companies were responsible for 30% of the total amount of new money raised in 2017.
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ECMi Report 2017
IPOs IPO Syndicate Size Analysis
21
IPO Syndicate Size Analysis
IPO Advisers Syndicate size increased from 1.79 banks per IPO in 2016, to 1.85 banks in 2017; a 7.59% increase. The largest IPO syndicate was eleven, on the Russian-focused aluminium and power producer EN+ Group,
Syndicate Size Analysis 2016-2017
70.00% 62.50%
61.64%
60.00%
% of Deals
50.00%
40.00%
30.00% 23.29% 20.83% 20.00% 10.96%
10.42% 10.00%
0
6.25%
1
2
3 Syndicate Size
2016 perfectinfo.com
2017
4.11%
4+
which was also the largest IPO of the year.
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ECMi Report 2017
IPOs IPO Syndicate Size Analysis
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IPO Syndicate Size Analysis
IPO Syndicate Size by Deal Value 2016 / 2017
10.00 9.00 9.00
8.00
7.00
Syndicate Size
6.00 5.00 5.00 3.80
4.00
3.33
3.00 2.17 2.00 1.17
1.29
1.10
1.29
1.22
1.23
1.45
1.54
1.44
1.00
0.00
£5-10
£10-20
£20-50
£50-100 Deal Value (£m)
2016 perfectinfo.com
2017
£100-250
£250-500
£500+
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ECMi Report 2017
IPOs Q4 Cancellations
23
Q4 Cancellations
Pulled IPOs per Quarter 2017
45.00%
9
Number of Pulled IPOs
40.00% 8
40.00%
7
35.00%
6
30.00%
5
25.00% 8
4
20.00%
16.67% 3
12.50%
4
2
1
15.00%
10.00% 7.69%
2
5.00% 1
0 Q1
Pulled IPOs 2017 perfectinfo.com
Q2
Q3
% of Pulled IPOs 2017
Q4
0
% of Pulled IPOs
Whilst over the entirety of 2017 the IPO market flourished, Q4 was a notable anomaly as 8 of the 20 announced IPOs were cancelled or postponed. The amount of pulled IPOs in 2017 surged to 17.05% of announced deals, compared to 9.43% in 2016. These cancelled deals had targeted proceeds of £3.96 billion, which if completed, would have increased the total amount raised through IPOs by 35.2%. The biggest withdrawn IPO was Arqiva Group’s £1.5 billion flotation, with the company stating that, “IPO market uncertainty was not in the interest of the Group’s stakeholders.” Remarkable cancellations in 2017 also included investment company Greensphere, which pulled its US$500 million deal to, “accommodate its key cornerstone investors.”
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ECMi Report 2017
IPOs Sector Analysis 2016 / 2017
2016 IPO Sector Anaylsis
* Telecommunications - 0.00% Utilities - 2.08%
4.17% 12.50%
24
2017 IPO Sector Analysis
* Telecommunications - 0.00% Utilities - 1.37%
5.48%
2.08%
1.37% 1.37% 15.07%
12.50%
9.59% 12.50%
47.94%
27.08% 4.11%
14.58%
13.70%
2.08% 1.37%
12.50%
Oil & Gas
Basic Materials
Industrials
Oil & Gas
Basic Materials
Industrials
Consumer Goods
Health Care
Consumer Services
Consumer Goods
Health Care
Consumer Services
Other*
Financials
Technology
Other*
Financials
Technology
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ECMi Report 2017
Fees
An overview of fee disclosure in 2017.
Fees
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ECMi Report 2017
Fees Average Commission Breakdown
26
Average Commision Breakdown
Share-based Payments Only one main market deal, Rockrose Energy in July 2017, had a share-based payment element. On AIM this figure rises to 10% of deals. Advisers that consistently elect to receive share-based payments are SP
Average Commission Breakdown by Offer Type 2016 / 2017
4.00%
3.09% 3.00%
2.78%
2.70%
2.69%
2.77%
2.36%
2.25%
2.19% 1.91%
2.00%
1.85% 1.58% 1.38%
1.00%
0
2016 perfectinfo.com
Placing
2017
Firm Placing
Placing and Open Offer
Open Offer
Retail
Rights Issue
Angel (4 of their 7 deals on AIM in 2017 had a share-based element), Zeus Capital (3 deals) and Cenkos and Mirabaud (2 deals).
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ECMi Report 2017
Fees Average Discretionary Commission Breakdown
Average Discretionary Commission Breakdown
Average Discretionary Commission Breakdown by Offer Type 2016 / 2017
1.40% 1.25% 1.20%
1.00% 1.00% 0.89%
0.92%
0.75%
0.80%
0.72% 0.63%
0.60% 0.50% 0.38%
0.40%
0.20% 0.20%
0.00%
2016 perfectinfo.com
0.13%
Placing
2017
Firm Placing
Placing and Open Offer
Open Offer
Retail
Rights Issue
27
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ECMi Report 2017
Fees Average Commission
28
Average Commission
Average Commission Average commission across all offer types decreased by 1.55% to 2.54% of gross proceeds in 2017, with a slight increase in discretionary commission to 0.87% in 2017.
Average Commission All Offer Types
3.00%
2.58%
2.54%
2.50%
2.00%
1.50%
1.00%
0.82%
0.87%
0.50%
0.00%
2016 perfectinfo.com
Average Commission
2017
Average Disc. Commisson
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ECMi Report 2017
Fees Fee Disclosure
29
Fee Disclosure
Fee Disclosure The percentage of deals with no information provided on commissions payable to the banks has fallen from 27.49% of deals in 2016 to 26.78% of deals in 2017. Naturally, fee disclosure is significantly higher when a
Fee Disclosure *Chart only applies to deals where a prospectus or admission document was published
80.00%
70.00%
67.91%
66.06%
60.00%
50.00%
37.31%
40.00%
30.30% 30.00%
17.16%
20.00%
12.12% 10.00%
0.00%
2016 perfectinfo.com
Commission
2017
Disc. Commission
Corporate Finance Fees
prospectus or an admission document is published, with 2 out of 3 deals containing basic fee information, and c. 1/8 of deals having, or at least disclosing, discretionary commissions.
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ECMi Report 2017
League Tables 2017
UK centric league tables for banks, legal advisers, financial advisers, reporting accountants and financial PR firms, as sorted by volume and value for 2017.
League Tables 2017
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League Tables 2017 Banks
31
League Tables 2017 Banks Banks by Volume (min. 10 deals) Ranking 2016
Top 20 Banks by Value 2017 Volume & Value
2017
Company Name
Volume
Market Share
Ranking
Value (£m)
2016
2017
Change
2016
2017 Value & Volume 2017
Company Name
Market Share
Value (£m)
Volume
2016
2017
Change
1
1
Numis Securities
57
£3,647
13.90%
14.00%
0.11%
3
1
Numis Securities
£3,647
57
9.07%
7.83%
-1.24%
3
2
Peel Hunt
35
£1,403
7.55%
8.60%
1.05%
9
2
UBS
£3,242
16
4.25%
6.96%
2.71%
4
3
Cenkos Securities
33
£1,429
6.95%
8.11%
1.16%
12
3
Barclays
£2,843
25
3.40%
6.10%
2.71%
2
4
Liberum Capital
29
£1,057
8.16%
7.13%
-1.03%
1
4
J.P. Morgan Cazenove
£2,757
28
10.40%
5.92%
-4.48% -1.19%
4
5
J.P. Morgan Cazenove
28
£2,757
6.95%
6.88%
-0.07%
4
5
Goldman Sachs International
£2,742
19
7.08%
5.89%
20
6
Barclays
25
£2,843
2.72%
6.14%
3.42%
29
6
Citigroup
£2,648
22
0.45%
5.69%
5.24%
6
7
Stifel Nicolaus Europe
23
£1,328
6.65%
5.65%
-1.00%
2
7
Bank of America Merrill Lynch
£2,026
10
9.66%
4.35%
-5.31%
35
8
Citigroup
22
£2,648
0.60%
5.41%
4.80%
6
8
Jefferies International
£2,005
17
4.84%
4.31%
-0.53%
9
9
finnCap
21
£338
5.14%
5.16%
0.02%
17
9
Cenkos Securities
£1,429
33
2.09%
3.07%
0.97%
11
10
Panmure Gordon & Co
20
£429
4.83%
4.91%
0.08%
15
10
Peel Hunt
£1,403
35
2.61%
3.01%
0.40%
7
11
Goldman Sachs International
19
£2,742
5.74%
4.67%
-1.07%
10
11
Morgan Stanley
£1,377
10
3.77%
2.96%
-0.81%
13
12
Canaccord Genuity
18
£1,345
4.53%
4.42%
-0.11%
18
12
Canaccord Genuity
£1,345
18
1.77%
2.89%
1.11%
18
13
Nplus1 Singer
17
£393
3.02%
4.18%
1.16%
8
13
Stifel Nicolaus Europe
£1,328
23
4.57%
2.85%
-1.72%
16
13
Jefferies International
17
£2,005
3.63%
4.18%
0.55%
14
14
HSBC
£1,279
4
3.22%
2.75%
-0.47%
7
15
Investec
16
£1,115
5.74%
3.93%
-1.81%
5
15
Credit Suisse
£1,160
10
6.23%
2.49%
-3.73%
35
15
Berenberg
16
£661
0.60%
3.93%
3.33%
13
16
Deutsche Bank
£1,146
7
3.36%
2.46%
-0.90%
17
15
UBS
16
£3,242
3.32%
3.93%
0.61%
7
17
Investec
£1,115
16
4.65%
2.40%
-2.25%
13
18
Zeus Capital
15
£748
4.53%
3.69%
-0.85%
16
18
RBC Europe
£1,089
8
2.25%
2.34%
0.09%
9
19
Cantor Fitzgerald
14
£233
5.14%
3.44%
-1.70%
11
19
Liberum Capital
£1,057
29
3.60%
2.27%
-1.33%
19
20
Zeus Capital
£748
15
1.51%
1.61%
0.10%
11
20
Bank of America Merrill Lynch
10
£2,026
4.83%
2.46%
-2.38%
26
20
Morgan Stanley
10
£1,377
1.81%
2.46%
0.64%
18
20
Credit Suisse
10
£1,160
3.02%
2.46%
-0.56%
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Perfect Information
ECMi Report 2017
League Tables 2017 Banks AIM
32
League Tables 2017 Banks AIM Banks by Volume (min. 5 deals) Ranking 2016
Top 20 Banks by Value 2017 Volume & Value
2017
Company Name
Volume
Value (£m)
Market Share
Ranking
2016
2017
Change
2016
2017 Value & Volume 2017
Company Name
Value (£m)
Market Share
Volume
2016
2017
Change
1
1
Cenkos Securities
27
£907
11.18%
12.50%
1.32%
3
1
Cenkos Securities
£907
27
7.52%
12.56%
5.04%
5
2
Numis Securities
25
£569
7.65%
11.57%
3.93%
4
2
Numis Securities
£569
25
7.18%
7.88%
0.70%
2
3
finnCap
20
£332
9.41%
9.26%
-0.15%
5
3
Peel Hunt
£546
16
6.54%
7.57%
1.03%
5
4
Panmure Gordon & Co
16
£288
7.65%
7.41%
-0.24%
6
4
Zeus Capital
£534
13
5.57%
7.39%
1.82% 6.06%
2
4
Peel Hunt
16
£546
9.41%
7.41%
-2.00%
22
5
Berenberg
£514
12
1.05%
7.11%
10
6
Liberum Capital
14
£398
5.29%
6.48%
1.19%
-
6
Jefferies International
£455
5
-
6.29%
6.29%
4
7
Zeus Capital
13
£534
8.24%
6.02%
-2.22%
2
7
Liberum Capital
£398
14
10.31%
5.52%
-4.79%
29
8
Berenberg
12
£514
0.59%
5.56%
4.97%
10
8
finnCap
£332
20
4.23%
4.60%
0.36%
5
8
Cantor Fitzgerald
12
£168
7.65%
5.56%
-2.09%
9
9
Panmure Gordon & Co
£288
16
4.43%
3.99%
-0.44%
10
10
Nplus1 Singer
11
£159
5.29%
5.09%
-0.20%
15
10
Canaccord Genuity
£265
9
1.85%
3.67%
1.82%
8
11
Stifel Nicolaus Europe
9
£213
6.47%
4.17%
-2.30%
1
11
Stifel Nicolaus Europe
£213
9
11.88%
2.95%
-8.93%
13
11
Canaccord Genuity
9
£265
3.53%
4.17%
0.64%
-
12
Barclays
£189
3
-
2.62%
2.62%
9
13
Investec
8
£187
5.88%
3.70%
-2.18%
8
13
Investec
£187
8
4.87%
2.59%
-2.28%
21
13
Arden Partners
8
£142
1.18%
3.70%
2.53%
11
14
Cantor Fitzgerald
£168
12
3.69%
2.33%
-1.36% -1.31%
16
15
SP Angel Corporate Finance
7
£78
2.35%
3.24%
0.89%
12
15
Nplus1 Singer
£159
11
3.50%
2.19%
29
15
WH Ireland
7
£51
0.59%
3.24%
2.65%
31
16
Arden Partners
£142
8
0.35%
1.97%
1.62%
12
17
Shore Capital
7
£67
4.12%
3.24%
-0.88%
14
17
Mirabaud Securities
£127
6
2.83%
1.76%
-1.08%
21
17
Allenby Capital
6
£44
1.18%
2.78%
1.60%
18
18
Macquarie Capital
£126
4
1.46%
1.75%
0.29%
13
17
Mirabaud Securities
6
£127
3.53%
2.78%
-0.75%
23
19
RBC Europe
£126
2
0.99%
1.74%
0.75%
-
20
Jefferies International
5
£455
-
2.31%
2.31%
25
20
Davy
£118
1
0.84%
1.64%
0.80%
15
20
Stockdale Securities
5
£47
2.94%
2.31%
-0.63%
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Perfect Information
ECMi Report 2017
League Tables 2017 Banks IPO
33
League Tables 2017 Banks IPO Banks by Volume (min. 3 deals) Ranking 2016
Top 20 Banks by Value 2017 Volume & Value
2017
Company Name
Volume
Value (£m)
Market Share
Ranking
2016
2017
Change
2016
2017 Value & Volume 2017
Company Name
Value (£m)
Market Share
Volume
2016
2017
Change
£1,036
8
2.43%
9.20%
6.78%
£764
3
4.22%
6.79%
2.57%
14
1
Citigroup
8
£1,036
4.17%
10.96%
6.79%
16
1
Citigroup
1
2
Numis Securities
7
£729
14.58%
9.59%
-4.99%
12
2
UBS
4
3
Cenkos Securities
6
£525
8.33%
8.22%
-0.11%
1
3
Numis Securities
£729
7
9.03%
6.48%
-2.55%
4
3
Zeus Capital
6
£578
8.33%
8.22%
-0.11%
18
4
Barclays
£648
6
1.63%
5.76%
4.13%
21
3
Barclays
6
£648
2.08%
8.22%
6.14%
7
5
Zeus Capital
£578
6
5.87%
5.13%
-0.73%
2
3
Peel Hunt
6
£510
12.50%
8.22%
-4.28%
13
6
Cenkos Securities
£525
6
4.04%
4.67%
0.62%
3
7
Liberum Capital
5
£193
10.42%
6.85%
-3.57%
2
7
Goldman Sachs International
£519
5
8.55%
4.61%
-3.94%
4
7
Goldman Sachs International
5
£519
8.33%
6.85%
-1.48%
4
8
Peel Hunt
£510
6
7.29%
4.53%
-2.75%
8
9
Stifel Nicolaus Europe
4
£318
6.25%
5.48%
-0.77%
10
9
Credit Suisse
£485
3
5.02%
4.31%
-0.71%
14
9
Morgan Stanley
4
£334
4.17%
5.48%
1.31%
3
10
J.P. Morgan Cazenove
£467
4
7.48%
4.15%
-3.33%
8
9
J.P. Morgan Cazenove
4
£467
6.25%
5.48%
-0.77%
-
11
Canaccord Genuity
£420
3
-
3.73%
3.73%
-
12
Canaccord Genuity
3
£420
-
4.11%
4.11%
17
12
HSBC
£402
2
1.63%
3.57%
1.94%
14
12
Credit Suisse
3
£485
4.17%
4.11%
-0.06%
-
13
Davy
£362
2
-
3.22%
3.22%
4
12
Panmure Gordon & Co
3
£150
8.33%
4.11%
-4.22%
8
14
Morgan Stanley
£334
4
5.57%
2.96%
-2.61%
-
12
Jefferies International
3
£325
-
4.11%
4.11%
-
15
Jefferies International
£325
3
-
2.89%
2.89%
14
12
Nplus1 Singer
3
£180
4.17%
4.11%
-0.06%
15
16
Stifel Nicolaus Europe
£318
4
2.83%
2.83%
0.00%
21
12
finnCap
3
£38
2.08%
4.11%
2.03%
14
17
RBC Europe
£282
3
3.42%
2.50%
-0.92%
21
12
UBS
3
£764
2.08%
4.11%
2.03%
11
18
Liberum Capital
£193
5
4.59%
1.72%
-2.88%
8
12
RBC Europe
3
£282
6.25%
4.11%
-2.14%
21
19
Nplus1 Singer
£180
3
1.14%
1.60%
0.47%
19
20
Winterflood
£160
1
1.49%
1.42%
-0.07%
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ECMi Report 2017
League Tables 2017 Legal Advisers
34
League Tables 2017 Legal Advisers Legal Advisers by Volume (min. 6 deals) Ranking 2016
Top 20 Legal Advisers by Value 2017 Volume & Value
2017
Company Name
Market Share
Volume
Value (£m)
2016
Ranking 2017
Change
2016
2017 Value & Volume 2017
Company Name
Value (£m)
Market Share
Volume
2016
2017
Change
3
1
Gowling WLG
32
£2,072
6.95%
7.86%
0.91%
1
1
Linklaters
£12,052
7
16.45%
25.88%
9.43%
5
2
CMS Cameron McKenna Nabarro Olswang
27
£1,860
3.93%
6.63%
2.71%
33
2
Slaughter and May
£7,467
6
0.34%
16.03%
15.69%
4
3
Stephenson Harwood
24
£1,596
6.34%
5.90%
-0.45%
8
3
Herbert Smith Freehills
£4,355
15
4.80%
9.35%
4.55%
2
4
Travers Smith
20
£1,773
7.25%
4.91%
-2.34%
6
4
Norton Rose Fulbright
£3,979
20
5.39%
8.55%
3.15%
1
4
Norton Rose Fulbright
20
£3,979
7.85%
4.91%
-2.94%
2
5
Freshfields Bruckhaus Deringer
£3,750
5
13.31%
8.05%
-5.25%
5
6
Fieldfisher
17
£366
3.93%
4.18%
0.25%
5
6
Ashurst
£2,130
10
6.02%
4.57%
-1.44%
22
7
Herbert Smith Freehills
15
£4,355
1.51%
3.69%
2.17%
9
7
Gowling WLG
£2,072
32
4.39%
4.45%
0.06%
9
7
Eversheds Sutherland
15
£1,557
3.32%
3.69%
0.36%
20
8
Hogan Lovells
£1,947
12
1.11%
4.18%
3.07%
16
9
Hogan Lovells
12
£1,947
1.81%
2.95%
1.14%
12
9
CMS Cameron McKenna Nabarro Olswang
£1,860
27
3.99%
3.99%
0.00%
13
10
Pinsent Masons
11
£372
2.42%
2.70%
0.29%
13
10
Travers Smith
£1,773
20
3.65%
3.81%
0.16% 3.35%
7
11
Berwin Leighton Paisner
10
£576
3.63%
2.46%
-1.17%
34
11
Greenberg Traurig
£1,710
4
0.32%
3.67%
9
11
Ashurst
10
£2,130
3.32%
2.46%
-0.87%
-
12
White & Case
£1,615
3
-
3.47%
3.47%
24
13
Dickson Minto
9
£1,198
1.21%
2.21%
1.00%
10
13
Stephenson Harwood
£1,596
24
4.28%
3.43%
-0.85%
22
14
Osborne Clarke
8
£410
1.51%
1.97%
0.46%
7
14
Allen & Overy
£1,593
4
4.91%
3.42%
-1.49%
14
15
Eversheds Sutherland
£1,557
15
3.52%
3.34%
-0.18%
16
14
Addleshaw Goddard
8
16
16
Taylor Wessing
7
11
16
Linklaters
7
31
18
Squire Patton Boggs
6
37
18
Slaughter and May
6
£226
1.81%
1.97%
0.15%
£697
1.81%
1.72%
-0.09%
28
16
Gibson, Dunn & Crutcher
£1,301
2
0.44%
2.79%
2.35%
£12,052
3.02%
1.72%
-1.30%
30
17
Dickson Minto
£1,198
9
0.37%
2.57%
2.20%
£217
0.91%
1.47%
0.57%
11
18
Simmons & Simmons
£1,153
5
4.25%
2.48%
-1.78%
£7,467
0.60%
1.47%
0.87%
-
19
Latham & Watkins
£1,124
5
-
2.41%
2.41%
3
20
Clifford Chance
£1,043
4
8.30%
2.24%
-6.06%
24
18
DWF
6
£147
1.21%
1.47%
0.27%
11
18
DLA Piper
6
£95
3.02%
1.47%
-1.55%
24
18
Holman Fenwick Willan
6
£132
1.21%
1.47%
0.27%
16
18
Memery Crystal
6
£82
1.81%
1.47%
-0.34%
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Perfect Information
ECMi Report 2017
League Tables 2017 Legal Advisers AIM
35
League Tables 2017 Legal Advisers AIM Legal Advisers by Volume (min. 4 deals) Ranking 2016
Top 20 Legal Advisers by Value 2017 Volume & Value
2017
Company Name
Volume
Value (£m)
Market Share
Ranking
2016
2017
Change
2016
2017 Value & Volume 2017
Company Name
Market Share
Value (£m)
Volume
2016
2017
Change 9.04%
1
1
Fieldfisher
17
£366
7.65%
7.87%
0.22%
10
1
CMS Cameron McKenna Nabarro Olswang
£952
16
4.15%
13.19%
10
2
CMS Cameron McKenna Nabarro Olswang
16
£952
2.94%
7.41%
4.47%
-
2
Hogan Lovells
£475
4
-
6.58%
6.58%
6
3
Eversheds Sutherland
9
£475
3.53%
4.17%
0.64%
2
3
Eversheds Sutherland
£475
9
7.82%
6.57%
-1.25%
6
3
Pinsent Masons
9
£182
3.53%
4.17%
0.64%
18
4
Norton Rose Fulbright
£473
3
2.23%
6.55%
4.32%
6
5
Addleshaw Goddard
7
£195
3.53%
3.24%
-0.29%
-
5
King & Spalding
£393
1
-
5.44%
5.44%
26
6
Squire Patton Boggs
6
£217
1.18%
2.78%
1.60%
5
6
Fieldfisher
£366
17
7.15%
5.07%
-2.08%
13
6
Osborne Clarke
6
£236
2.35%
2.78%
0.42%
16
7
Gowling WLG
£256
6
3.48%
3.54%
0.07%
10
6
Gowling WLG
6
£256
2.94%
2.78%
-0.16%
11
8
Dentons UKMEA
£239
2
4.08%
3.31%
-0.77%
13
6
DWF
6
£147
2.35%
2.78%
0.42%
25
9
Osborne Clarke
£236
6
1.41%
3.27%
1.86%
5
6
DLA Piper
6
£95
4.12%
2.78%
-1.34%
39
10
Jones Day
£225
3
0.42%
3.11%
2.69%
13
6
Holman Fenwick Willan
6
£132
2.35%
2.78%
0.42%
43
11
Squire Patton Boggs
£217
6
0.32%
3.01%
2.69%
2
12
Travers Smith
5
£206
4.71%
2.31%
-2.39%
-
12
Irwin Mitchell
£210
3
-
2.91%
2.91%
10
12
Memery Crystal
5
£76
2.94%
2.31%
-0.63%
8
13
Travers Smith
£206
5
5.68%
2.85%
-2.84%
38
12
Rosenblatt
5
£111
0.59%
2.31%
1.73%
9
14
Addleshaw Goddard
£195
7
5.56%
2.70%
-2.86%
2
15
Stephenson Harwood
4
£88
4.71%
1.85%
-2.85%
21
15
Pinsent Masons
£182
9
1.63%
2.52%
0.89%
13
15
Taylor Wessing
4
£91
2.35%
1.85%
-0.50%
1
16
Ashurst
£172
3
11.25%
2.38%
-8.87%
20
15
DAC Beachcroft
4
£56
1.76%
1.85%
0.09%
-
17
Latham & Watkins
£166
3
-
2.29%
2.29%
-
15
Mills & Reeve
4
£108
-
1.85%
1.85%
4
18
Berwin Leighton Paisner
£153
2
7.52%
2.11%
-5.41%
20
15
Covington & Burling
4
£123
1.76%
1.85%
0.09%
-
19
Reed Smith
£150
1
-
2.08%
2.08%
-
15
Hogan Lovells
4
£475
-
1.85%
1.85%
17
20
DWF
£147
6
2.67%
2.04%
-0.63%
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Perfect Information
ECMi Report 2017
League Tables 2017 Legal Advisers IPO
36
League Tables 2017 Legal Advisers IPO Legal Advisers by Volume (min. 3 deals) Ranking
Top 20 Legal Advisers by Value 2017 Volume & Value
2016
2017
Company Name
3
1
CMS Cameron McKenna Nabarro Olswang
3
1
Gowling WLG
8
3
Eversheds Sutherland
12
3
Norton Rose Fulbright
Volume
Market Share
Ranking
2017 Value & Volume 2017
Company Name
Value (£m)
Volume
Market Share
Value (£m)
2016
2017
Change
2016
2016
2017
Change
9
£872
10.42%
12.33%
1.91%
6
1
Norton Rose Fulbright
£1,966
7
7.92%
17.47%
9.55%
9
£910
10.42%
12.33%
1.91%
1
2
Linklaters
£1,877
3
55.04%
16.67%
-38.37%
7
£788
6.25%
9.59%
3.34%
19
3
Greenberg Traurig
£1,710
4
1.73%
15.20%
13.46%
7
£1,966
4.17%
9.59%
5.42%
-
4
White & Case
£1,615
3
-
14.35%
14.35%
2
5
Stephenson Harwood
6
£594
12.50%
8.22%
-4.28%
16
5
Gibson, Dunn & Crutcher
£1,301
2
2.39%
11.56%
9.17%
25
6
Osborne Clarke
5
£386
2.08%
6.85%
4.77%
-
6
Herbert Smith Freehills
£1,154
4
-
10.26%
10.26% 2.36%
-
6
Hogan Lovells
5
£662
-
6.85%
6.85%
9
7
Gowling WLG
£910
9
5.72%
8.08%
25
8
Greenberg Traurig
4
£1,710
2.08%
5.48%
3.40%
7
8
CMS Cameron McKenna Nabarro Olswang
£872
9
7.38%
7.75%
0.37%
-
8
Herbert Smith Freehills
4
£1,154
-
5.48%
5.48%
5
9
Ashurst
£837
3
9.62%
7.43%
-2.19%
12
8
Pinsent Masons
4
£99
4.17%
5.48%
1.31%
15
10
Eversheds Sutherland
£788
7
3.46%
7.00%
3.54%
-
11
White & Case
3
£1,615
-
4.11%
4.11%
-
11
Davis Polk & Wardwell
£727
2
-
6.46%
6.46%
-
11
Dickson Minto
3
£406
-
4.11%
4.11%
-
12
Hogan Lovells
£662
5
-
5.89%
5.89%
25
11
Freshfields Bruckhaus Deringer
3
£651
2.08%
4.11%
2.03%
2
13
Freshfields Bruckhaus Deringer
£651
3
29.55%
5.79%
-23.76%
25
11
Maclay Murray & Spens
3
£408
2.08%
4.11%
2.03%
4
14
Stephenson Harwood
£594
6
11.42%
5.28%
-6.14%
-
11
Reed Smith
3
£510
-
4.11%
4.11%
-
15
Reed Smith
£510
3
-
4.53%
4.53%
6
11
Addleshaw Goddard
3
£140
8.33%
4.11%
-4.22%
-
16
Slaughter and May
£488
1
-
4.34%
4.34%
-
11
Memery Crystal
3
£44
-
4.11%
4.11%
-
17
Latham & Watkins
£466
2
-
4.14%
4.14%
-
11
Irwin Mitchell
3
£210
-
4.11%
4.11%
41
18
Maclay Murray & Spens
£408
3
0.20%
3.63%
3.43%
1
11
Linklaters
3
£1,877
14.58%
4.11%
-10.47%
3
19
Clifford Chance
£407
1
17.92%
3.61%
-14.31%
8
11
Ashurst
3
£837
6.25%
4.11%
-2.14%
-
20
Dickson Minto
£406
3
-
3.61%
3.61%
25
11
Fieldfisher
3
£71
2.08%
4.11%
2.03%
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Perfect Information
ECMi Report 2017
League Tables 2017 Financial Advisers
37
League Tables 2017 Financial Advisers Financial Advisers by Volume (min. 3 deals) Ranking 2016
Top 20 Financial Advisers by Value 2017 Volume & Value
2017
Company Name
Volume
Value (£m)
Market Share 2016
Ranking 2017
Change
2016
2017 Value & Volume 2017
Company Name
Market Share
Value (£m)
Volume
2016
2017
Change
1
1
N M Rothschild & Sons
14
£5,147
3.93%
3.44%
-0.49%
2
1
N M Rothschild & Sons
£5,147
14
8.58%
11.05%
2.48%
2
2
Numis Securities
12
£1,336
2.42%
2.95%
0.53%
-
2
Goodbody Stockbrokers
£2,586
1
-
5.55%
5.55%
3
3
Strand Hanson
8
£218
1.51%
1.97%
0.46%
7
2
Morgan Stanley
£2,586
1
4.96%
5.55%
0.60%
13
4
Liberum Capital
7
£231
0.60%
1.72%
1.12%
9
4
Barclays
£1,925
2
2.44%
4.13%
1.69%
23
5
Nplus1 Singer
6
£380
0.30%
1.47%
1.17%
8
5
HSBC
£1,700
1
3.17%
3.65%
0.48%
6
5
Panmure Gordon & Co
6
£156
1.21%
1.47%
0.27%
3
6
Lazard
£1,581
4
6.33%
3.40%
-2.94%
6
7
Cenkos Securities
5
£488
1.21%
1.23%
0.02%
14
7
Numis Securities
£1,336
12
1.79%
2.87%
1.08%
8
8
Lazard
4
£1,581
0.91%
0.98%
0.08%
12
8
Akur
£660
3
2.31%
1.42%
-0.89%
23
8
Canaccord Genuity
4
£332
0.30%
0.98%
0.68%
12
9
Jefferies International
£640
3
2.31%
1.37%
-0.93%
23
10
Hannam & Partners
3
£149
0.30%
0.74%
0.43%
6
10
Evercore
£550
2
5.46%
1.18%
-4.28%
8
10
Akur
3
£660
0.91%
0.74%
-0.17%
17
11
Cenkos Securities
£488
5
1.50%
1.05%
-0.45%
8
10
Jefferies International
3
£640
0.91%
0.74%
-0.17%
46
12
Nplus1 Singer
£380
6
0.02%
0.82%
0.80%
-
10
Fidante Capital
3
£240
-
0.74%
0.74%
35
13
Canaccord Genuity
£332
4
0.09%
0.71%
0.62%
11
14
Moelis & Company
£315
1
2.39%
0.68%
-1.71%
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-
15
Kinmont
£278
2
-
0.60%
0.60%
26
16
Deloitte
£250
2
0.23%
0.54%
0.30%
-
17
Fidante Capital
£240
3
-
0.51%
0.51%
-
18
Davy
£236
1
-
0.51%
0.51%
34
19
Liberum Capital
£231
7
0.10%
0.50%
0.39%
47
20
Zeus Capital
£230
2
0.02%
0.49%
0.47%
Perfect Information
ECMi Report 2017
League Tables 2017 Reporting Accountants
38
League Tables 2017 Reporting Accountants Reporting Accountants by Volume (min. 5 deals) Ranking 2016
Top Reporting Accountants by Value
2017 Volume & Value 2017
Company Name
Volume
Value (£m)
Market Share
Ranking
2016
2017
Change
2016
2017 Value & Volume 2017
Company Name
Value (£m)
Volume
Market Share 2016
2017
Change
1
1
PricewaterhouseCoopers
37
£7,486
8.16%
9.09%
0.93%
3
1
PricewaterhouseCoopers
£7,486
37
11.81%
16.08%
4.27%
3
2
BDO
28
£2,862
5.44%
6.88%
1.44%
1
2
Deloitte
£6,193
22
15.60%
13.30%
-2.30%
2
3
Deloitte
22
£6,193
6.34%
5.41%
-0.94%
5
3
BDO
£2,862
28
5.11%
6.14%
1.03%
4
4
KPMG
21
£2,625
5.14%
5.16%
0.02%
4
4
KPMG
£2,625
21
6.45%
5.64%
-0.81% -9.96%
7
5
Grant Thornton
13
£573
1.81%
3.19%
1.38%
2
5
Ernst & Young
£1,143
11
12.41%
2.46%
5
6
Ernst & Young
11
£1,143
4.53%
2.70%
-1.83%
7
6
Grant Thornton
£573
13
0.66%
1.23%
0.57%
8
7
Crowe Clark Whitehill
5
£66
0.60%
1.23%
0.62%
6
7
RSM Corporate Finance
£500
5
1.11%
1.07%
-0.04%
6
7
RSM Corporate Finance
5
£500
2.11%
1.23%
-0.89%
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9
8
Crowe Clark Whitehill
£66
5
0.16%
0.14%
-0.01%
10
9
PKF
£25
1
0.14%
0.05%
-0.08%
-
10
Saffery Champness
£20
1
-
0.04%
0.04%
15
11
Jeffreys Henry
£10
1
0.02%
0.02%
0.00%
-
12
Kingston Smith
£9
1
-
0.02%
0.02%
-
12
Price Bailey
£9
1
-
0.02%
0.02%
-
14
Moore Stephens
£6
1
-
0.01%
0.01%
-
15
Hazlewoods
£6
1
-
0.01%
0.01%
Perfect Information
ECMi Report 2017
League Tables 2017 Financial PR Firms
39
League Tables 2017 Financial PR Firms Financial PR Firms by Volume (min. 5 deals) Ranking 2016
Top 20 Financial PR Firms by Value 2017 Volume & Value
2017
Company Name
Market Share
Ranking
Volume
Value (£m)
2016
2017
Change
2016
2017 Value & Volume 2017
Company Name
Market Share
Value (£m)
Volume
2016
2017
Change -7.25%
1
1
FTI Consulting
27
£3,875
12.69%
6.63%
-6.05%
1
1
FTI Consulting
£3,875
27
15.57%
8.32%
2
2
Buchanan Communications
19
£1,183
6.34%
4.67%
-1.68%
8
2
Brunswick
£3,245
4
3.53%
6.97%
3.44%
10
3
Walbrook PR
15
£164
2.11%
3.69%
1.57%
-
3
Gordon MRM
£3,074
2
-
6.60%
6.60%
13
4
Instinctif Partners
14
£528
1.81%
3.44%
1.63%
21
4
Citigate Dewe Rogerson
£2,973
6
0.85%
6.38%
5.54%
5
5
Camarco
13
£1,068
3.02%
3.19%
0.17%
15
5
Drury Porter Novelli
£2,695
4
1.58%
5.79%
4.21%
4
5
Newgate Communications
13
£1,251
3.32%
3.19%
-0.13%
6
6
Tulchan Communications
£2,038
13
3.94%
4.38%
0.44%
7
5
Tulchan Communications
13
£2,038
2.72%
3.19%
0.48%
16
7
Powerscourt
£1,894
6
1.52%
4.07%
2.55%
3
8
MHP Communications
11
£1,400
3.93%
2.70%
-1.22%
10
8
MHP Communications
£1,400
11
2.62%
3.01%
0.39%
5
9
Tavistock Communications
10
£292
3.02%
2.46%
-0.56%
3
9
Finsbury
£1,261
2
5.74%
2.71%
-3.03% -0.02%
13
10
Vigo Communications
9
£557
1.81%
2.21%
0.40%
9
10
Newgate Communications
£1,251
13
2.70%
2.69%
19
10
Hudson Sandler
9
£866
1.21%
2.21%
1.00%
5
11
Buchanan Communications
£1,183
19
4.03%
2.54%
-1.49%
22
12
Yellow Jersey
8
£103
0.60%
1.97%
1.36%
2
12
Camarco
£1,068
13
7.38%
2.29%
-5.09%
10
12
Consilium Strategic Communications
8
£249
2.11%
1.97%
-0.15%
11
13
Bell Pottinger
£1,020
6
2.60%
2.19%
-0.41%
32
14
Temple Bar Advisory
6
£490
0.30%
1.47%
1.17%
25
14
Hudson Sandler
£866
9
0.54%
1.86%
1.32%
22
14
Powerscourt
6
£1,894
0.60%
1.47%
0.87%
38
15
Murray Consultants
£607
1
0.17%
1.30%
1.14%
10
14
Alma PR
6
£151
2.11%
1.47%
-0.64%
20
16
Vigo Communications
£557
9
1.18%
1.20%
0.01%
13
14
Citigate Dewe Rogerson
6
£2,973
1.81%
1.47%
-0.34%
14
17
Instinctif Partners
£528
14
1.68%
1.13%
-0.55%
8
14
Bell Pottinger
6
£1,020
2.42%
1.47%
-0.94%
17
18
Temple Bar Advisory
£490
6
1.48%
1.05%
-0.43%
13
14
St Brides Partners
6
£60
1.81%
1.47%
-0.34%
53
19
Headland
£413
2
0.04%
0.89%
0.84%
22
20
Novella Communications
5
£58
0.60%
1.23%
0.62%
-
20
Gladstone Place Partners
£380
1
-
0.82%
0.82%
8
20
Redleaf Communications
5
£100
2.42%
1.23%
-1.19%
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ECMi Report 2017
Criteria
40
Criteria The minimum deal size for a transaction to be included in this report is £5 million. All figures contained within the document are accurate as of 5th January 2018. Any amendments to transaction sizes and advisory roles after this date have not been recorded. The dataset only includes offerings made within the UK and listed on a London market. A Russian company that issues shares on the MICEX and then admits GDRs to the main market to be issued from time to time against the deposit of shares will not be included. An offering of GDRs of £5m+ within the UK will. The announcement of the transaction must have been made between 01 January 2017 and 31 December 2017. If a deal was announced during this period then it is irrelevant that it was completed outside of the timeframe or is still pending completion. Primary transactions are defined as the issue or sale of shares on a market where the company was previously not listed. This includes placings of new and existing shares, reverse takeovers, and retail offers. IPOs are those primary transactions listed above, excluding vendor placings and reverse takeovers. In order to be classified as an IPO, the deal must involve the issue/sale of shares in exchange for cash. Secondary transactions are defined as the issue or sale of shares on a market where the company is already listed. This includes the above offer types as well as open offers and rights issues. Only formal, bank-led transactions with bookrunners are eligible for rankings. Tables and graphs in this report do not include pulled/lapsed transactions. Transactions not denominated in Pound Sterling have been converted to Pound Sterling using the Bank of England’s exchange rate on the day prior to the announcement of the deal. All sector information is aligned to Industry Classification Benchmark (ICB) sector classifications.
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Where a transaction has more than one bookrunning manager, the deal value will be split equally between the number of bookrunners disclosed. All will receive full credit (in terms of volume) for participating. For all other league tables, the full deal value is allotted to each adviser involved. Only legal advisers to the company and the banks as to English law have been recorded. Deals are assigned to banks based on who managed the bookrunning process. Co-managers or other junior syndicate members do not receive credit for deals where there are lead or joint bookrunners disclosed. For this reason, only capital raisings are included in the league tables (no debt for equity swaps, reverse takeovers or vendor placings). Many deals, generally where no formal offer document is printed, do not disclose one or both legal advisers. We have attempted to gather as much missing information as possible by contacting the issuers and financial PR firms, and consulting banks’ and law firms’ websites, however this was not possible for all deals completed in 2017. This should be remembered when analysing the tables. In order to calculate the total transaction size, we use the total number of new shares issued/sold times the issue price, (including any partial or full exercise of an over-allotment or similar option).
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ECMi Report 2017
Contacts
41
Contacts ECM Insight Head of ECM Insight Anastasios Beglitis
[email protected] +44 (0) 203 741 1154
Head of Equity and Content Architecture Simon Hancock
[email protected] +44 (0) 203 741 1171
ECM Analyst
Commercial Managing Director
Krishna Ajmera
[email protected]
Raouf Fria
[email protected] +44 (0) 203 741 1169
ECM Analyst Pravin Patil
[email protected]
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Operation and Project Manager Sam Taylor
[email protected] +44 (0) 203 741 1170
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ECMi Report 2017
42
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